PhonePe Gets Additional $100 Million From General Atlantic

PhonePe Pvt. has raised $100 million, or around Rs 820 crore, in additional funding from an existing investor, General Atlantic Service Co. at a pre-money valuation of $12 billion, or about Rs 99,000 crore.

This is the fourth installment of a fundraising effort by the payments app to raise $1 billion. The latest fund infusion brings the total to $750 million.

It had earlier raised $200 million from majority investor Walmart, $100 million from Ribbit Capital, Tiger Global Management LLC, and TVS Capital Funds, and $350 million in a round led by General Atlantic in January.

While the company did not comment on specifics, it had earlier said that it plans to deploy funds from the current exercise to build and scale new businesses like insurance, wealth management, lending, stockbroking, and account aggregators.

PhonePe recently forayed into hyperlocal e-commerce via its ONDC-based shopping app Pincode. The app marked only its second ever consumer facing platform.

The fundraising exercise comes after PhonePe announced that it had changed its domicile to India and fully separated from Flipkart—moves that are synonymous with a company looking to list in India. Founder Sameer Nigam, speaking to BQ Prime, had said that an IPO is at least a couple of years away.